Stanberry & Associates is pleased to announce that Terese Peabody has been awarded the Company Top Sales Agent of 2013 and the Dripping Springs Top Listing Agent. She has also been recognized as a Platinum Top 50 Realtors of Austin 2013-2014 and the Texas Monthly Five Star Award for 2013. She also has earned the designation of the Certified Luxury Home Marketing Specialist. Terese is a Finalist for the Austin Business Journal Top 50 Residential Award 2013.

This exemption removes some of your home's value from taxation. You must reside in your home January 1 of the year in which you are applying. If you are disabled or over 65, the January 1 ownership and residency are waived. It must be your principal residence.

There are new laws the require proof of residency. Visit this website for additional info: Homestead information

According to the third quarter 2013 HPI, which was released late last week, Texas home prices increased 7.13 percent during the year ending in September. Nationally, prices increased 8.4 percent during the same period.

"Texas' growth rate was below the national average mainly because we didn’t have the severe slump in prices that other states had," said Real Estate Center Research Economist Dr. Jim Gaines. "So our growth is from a much stronger base."

At 10.31 percent, Houston-The Woodlands-Sugar Land had the largest one-year price increase of the state's major metros, followed by Austin-Round Rock at 10.08 percent. Dallas-Plano-Irving came in at 9.73 percent, San Antonio-New Braunfels at 7.67 percent, and Fort Worth-Arlington at 5.88 percent.

AUSTIN (Texas Association of Realtors) – Temperatures in Texas are cooling, but the real estate market remains red hot, according to the third quarter edition of the Texas Quarterly Housing Report released today by the Texas Association of Realtors (TAR).

The report showed 80,105 single-family homes were sold in Texas in third quarter 2013. That is 18.97 percent more than the same quarter last year and, for the second quarter in a row, the highest volume of homes sold in Texas since TAR began issuing the report in 2009.

Sales volume in the third quarter was also almost equal to volume in the second quarter of the year.

“We usually see a drop off in the volume of homes sold between the second and third quarter of the year, as homeowners settle in for the school year," said Real Estate Center Research Economist Dr. Jim Gaines. "We did not see that this quarter, even despite a slight increase in mortgage interest rates during that time frame.”

Prices increased as well. The median price increased by 10 percent from the same quarter last year, to $177,100. The average price increased by 11.06 percent from third quarter 2012 to $230,474 this quarter.

“Sales volume in Texas had been increasing for some time, but the price increases have been constrained by foreclosures and other distressed sales," Gaines said. "Now, we’ve seen more than a year-and-a-half of price increases that outpace the average rate of appreciation in Texas, which is around 4.5 percent per year. This quarter’s annual double-digit price increase was more than twice that pace. Taken together, it’s clear that high demand for Texas homes is translating into higher prices for home sellers.”

As in past quarters, high demand contributed to a shrinking inventory of Texas homes during the third quarter. The market had four months of inventory, which is 27.27 percent less than the same quarter last year, when inventory was 5.5 months.

“The inventory of homes in Texas is at historically low levels,” said Gaines. “To have only four months of inventory in a market as large as Texas is remarkable. Of the 47 markets included in the report, ten have less than three months of inventory, and that includes several large markets, such as Austin and Dallas.

Austin has been the strongest market of all the cities, occupying first place nine times in 15 months and never finishing lower than third.

Austin has added 67,800 private-sector jobs during the past five years, an increase of 11.0 percent. No other market has grown faster than 8 percent.

Austin scored an 83.9 out of 100 based on 18 economic factors

With an unemployment rate of 5.2 percent and five-year wages growth from October 2008 through October 2013 of nearly 15 percent, Austin had held first place for eight of the first 10 months in 2013. The city's average weekly earnings per worker are now $919.12.

Austin is the only city in the nation with double-digit percentage job growth over the last five-year period, at just under 11 percent. By comparison, no other U.S. city has seen five-year job growth higher than 8 percent.

Austin
government sector saw modest growth over the last 12 months by gaining
800 jobs or 0.5%. Overall, private sector job growth in the Austin MSA
was robust at 3.5%, adding 23,000 jobs with all but two private industry
divisions contributing to the gro'swth.

Texassaw net private sector job growth of 2.7% with all private industry divisions but one adding jobs over the last 12 months. As with Austin, total job growth statewide was lower, 2.4%, due to the relatively slight growth (0.6%) in the government sector, which accounts for 16.5% of total state employment.

In the U.S., private sector growth was 2.0% for the 12 months ending in August with all private industries adding jobs. However, overall job growth was a more modest 1.7% because the government sector lost jobs (-0.4%).

Total U.S. jobs remain 3.2 million or 2.3% off the peak of November 2007. Jobs in both Texas and Austin peaked a year later. Austin is now 63,400 jobs (8.1%) ahead of its pre-recession peak jobs total. Texas now has 476,100 jobs or 4.5% more than the level seen in November 2008.

In Austin:

The industry adding the most jobs and seeing the fastest growth was professional and business services, which grew by 7,400 jobs or 5.9% over the last 12 months.

Financial activities lost 1,700 jobs or 3.7%. On a year-over-year basis, this industry has seen negative growth five of the last eight months.

Manufacturing employment was also down, by 300 jobs from August 2012.

In Texas:

Construction grew fastest, at 4.9%, and added 42,600 jobs.

The next two fastest growing industries both grew by 4.1% Professional and business services grew by 58,600 jobs and leisure and hospitality grew 45,600 jobs over the last 12 months.

Information also grew relatively fast, by 3.2% and added 6,300 jobs.

Manufacturing's growth was weakest, only 0.1%.

In the U.S.:

Professional and business services grew fastest, by 3.4%, and added the most jobs (621,000).

COLLEGE STATION (Real Estate Center) – The Texas economy gained 258,500 non-agricultural jobs from August 2012 to August 2013, an annual growth rate of 2.4 percent compared with 1.7 percent for the United States.

According to the Real Estate Center’s latest Monthly Review of the Texas Economy, the state’s nongovernment sector added 247,800 jobs, an annual growth rate of 2.7 percent compared with 2 percent for the nation’s private sector.

All Texas industries except the transportation, warehousing and utilities industry had more jobs in August 2013 than in August 2012. The state’s mining and logging industry ranked first in job creation, followed by construction, leisure and hospitality services, and professional and business services.

Texas’ seasonally adjusted unemployment rate fell to 6.4 percent last month from 6.8 percent a year ago. The nation’s rate decreased from 8.1 to 7.3 percent.

All Texas metros except Texarkana had more jobs. Odessa ranked first in job creation, followed by Midland, Dallas-Plano-Irving, Fort Worth-Arlington and Houston-Sugar Land-Baytown.

The state’s actual unemployment rate last month was 6.3 percent. Midland had the lowest unemployment rate, followed by Odessa, Amarillo, Abilene, San Angelo and Lubbock.

The Austin housing market is growing so tight, it could be reaching critical levels, according to the latest report from the Austin Board of Realtors.

Inventory in June dropped to 2.9 months, a decrease of 1.5 months from June 2012. A healthy market should have about six months of inventory. At the same time, demand has increased with an 8 percent increase in home sales from a year ago. Mid-year statistics show a 19 percent increase compared to the first six months of 2012.

“If the cost of development in the area does not decrease, Austin residents will not have enough housing options and availability necessary to meet growing demand,” said Cathy Coneway, ABOR chairman.

Here are some other highlights of the report for June:

• 2,767 single family homes sold.

• $235,000 was the median price for single family homes, 8 percent higher than a year ago.

• 43 average days on the market, 16 days fewer than a year ago.

• 6,046 active single family home listings, 22 percent fewer than a year ago.

• 2,812 pending sales, 16 percent more than a year ago.

• $841.1 million total volume, 15 percent more than a year ago.

• 318 condos and townhomes were sold in June, an increase of 20 percent from a year ago.

• $199,000 was the median price for condos and townhomes, 6 percent higher than a year ago.

• 41 average days on the market, 33 percent less time than a year ago.

• 1,575 single family homes were leased, 6 percent less than a year ago.

• $1,450 was the median price for a lease, 4 percent more than a year ago.

Highlights for the first six months of 2013:

• 13,159 single family homes sold.

• $3.8 billion in total sales volume, 31 percent more than the first half of 2012.

• 1,495 condos and townhomes sold, 23 percent more than the first half of 2012.

COLLEGE STATION (Real Estate Center) – The Texas economy gained 331,100 nonagricultural jobs from April 2012 to April 2013, an annual growth rate of 3.1 percent compared with 1.6 percent for the United States.

According to the Real Estate Center's latest Monthly Review of the Texas Economy, the state’s private sector added 312,200 jobs, an annual growth rate of 3.5 percent compared with 2 percent for the nation’s nongovernment sector.

Texas’ seasonally adjusted unemployment rate fell to 6.4 percent in April from 7 percent a year earlier. At the national level, unemployment decreased from 8.1 to 7.5 percent.

All Texas industries except the transportation, warehousing and utilities industry had more jobs last month than a year ago. The state’s construction industry ranked first in job creation, followed by the mining and logging industry, leisure and hospitality services industry, and professional and business services industry.

All Texas metro areas except Wichita Falls, Texarkana and Beaumont-Port Arthur had more jobs last month than in April 2012. Midland ranked first in job creation, followed by Odessa, Fort Worth-Arlington, Houston-Sugar Land-Baytown and Austin-Round Rock-San Marcos.

The state’s actual unemployment rate in April was 6.1 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Abilene, Lubbock, San Angelo and College Station-Bryan.

Austin ranks number three in the nation in job growth with a 3.5% change over the last 12 months resulting in 28,200 new jobs. Public and all private sectors added jobs.

Texas had a combined public/private sector job growth rate of 2.6%. Four out of the top 10 cities for job growth were in Texas with Houston the number one growth market in the US

US showed an overall job growth rate of 1.4%

Number of Jobs

Austin has now added 44,200 jobs from it’s peak employment on November 2008

Texas has added 248,800 jobs from its peak employment on November 2008

The US remains 4.3 million jobs short of peak employment set on November 2007 (60 months ago!)

Unemployment Rate

Austin has the second lowest rate of unemployment out of 50 largest metros at 5.3% vs 6.6% this time last year. (Houston by comparison dropped from 7.7% last year to 6.2% this year. Within the AUSTIN MSA, Travis and Hays counties have the lowest unemployment rate with 5.2%).

Texas’s unemployment rate is 6.3% compared to 7.6% last October.

The US October unemployment rate is 7.5% vs 8.5% last year.

Employment by Industry

Austin’s fastest growing segment over the last 12 months: Professional and Business Services – 10,700 jobs (or 9.1%)

Texas’s fastest growing segments over the last 12 months: Both Construction and Natural Resources grew by 7.1%.

More people are seeking greener pastures in Austin, relocating to the Capital City at a rate faster than nearly every other US city. Austin ranked second in THE FISCAL TIMES list of "The Ten Top Cities People are Moving to in 2012", following Kennewick-Pasco-Richland, Wash. Between April 2010 and July 2011, Austin grew 3.9%. Strong private-sector business activity is credited for Austin's rapid population growth (RECON 2012)

Jobs, jobs, jobs...we are so much in the limelight for that robust engine we've got going. According to the latest Manpower Employment Outlook Survey published this week, Austin has the 5th best employment outlook in the USA. Manpower surveyed more than 18,000 employers across the country for this latest employment outlook.

An analysis by ON NUMBERS, a division of BizJournals.com, reported this week the Austin are had the second highest number of private sector jobs and sustained the highest percentage of job growth since July 2007.

Austin had a 25 percent jump in existing home sales in May, according to the Austin Board of Realtors. The month’s 2,340 sales were the highest since August 2007. The median home price grew 10 percent to $215,000.

Houston-area sales in May jumped by 23.8 percent over May 2011, with agents reporting 6,185 single-family homes sold. The median price for single-family homes set a new record in May, up 7.1 percent to $168,000.

Meanwhile, home inventory is down in both cities. Listings fell 23 percent in Austin to a 4.4-month supply of homes, compared with a 6.8-month supply a year ago. Houston’s inventory reached a five-year low, dropping to 5.5 months.

Foreclosures are also making up a smaller portion of Houston property sales than before, dropping from 27.8 percent of sales in January to 17.8 percent in May.

Real Estate Center Research Economist Dr. Jim Gaines will provide an overview of how the state's housing market is faring on next week's Real Estate Red Zone podcast.

Employment growth here will reach 27,000 jobs this year, expanding payrolls by 3.6 percent, one of the strongest growth rates in the country. The market’s ties to technology will generate over 5,000 professional and business services jobs and nearly 1,000 manufacturing jobs.

Builders will complete 930,000 sf of retail space this year, expanding inventory by 1.7 percent. Besides new developments within the metro, operators will compete with the two million sf of new space under construction adjacent to the metro.

This year, retail vacancy will fall to 8.4 percent, an annual decrease of 50 basis points. Retailers will absorb 1.1 million sf of space, the largest annual figure since 2007.

Owners will regain some leverage during lease negotiations this year, facilitating a 1.1 percent rise in asking rents to $19.69 per square foot. Effective rents will tick up 1.6 percent to $17.73 per sf, pulling concessions down to 10 percent of asking rents.

COLLEGE STATION (Real Estate Center) – Home sales in Texas cities were hot last month, rising in Austin, Dallas-Fort Worth, Houston and San Antonio.

According to the Multiple Listing Service (MLS) report by the Austin Board of Realtors, 1,852 single-family homes were sold in the Capital area during March, up 15 percent over the same period in 2011.

The Dallas-Fort Worth region reported a 13 percent increase in single-family home sales, with 6,126 properties sold in March, according to a report from the MetroTex Association of Realtors.

The Houston Chronicle reported 4,996 single-family homes sold in Houston in March, up 7.8 percent from the 4,634 homes sold during the same month last year.

San Antonio also showed improvements in March, according to the San Antonio Board of Realtors, with 1,637 homes sold in the area, up 4 percent month-over-month.

The median sales price rose to $200,000 in Austin, up 8 percent from March 2011. The median price in DFW jumped 11 percent to $155,000, with San Antonio reporting a 4 percent increase to $155,600. The median sales price in Houston set a monthly record in March at $161,750.

AUSTIN (Austin American-Statesman) – The state comptroller's estimate of statewide property values showed an increase from $1.67 trillion in 2010 to $1.69 trillion in 2011 — a 1.3 percent difference.

According to the Austin American-Statesman, state budget writers had expected property values to drop 1 percent last year.

Property values affect how much funding schools receive, and although Joe Wisnoski of Moak Casey & Associates, a school financing consulting firm, said the increase will likely make "very, very little difference in the bottom line of school districts," others say it could still be a positive sign for Texas.

"We're certainly above the trend line across the board, but it's still early," said Dale Craymer, president of the business-backed Texas Taxpayers and Research Association. "If current trends hold, we will be in relatively good shape."

AUSTIN (Texas State Affordable Housing Corporation) – The Texas State Affordable Housing Corporation's (TSAHC) first-time homebuyer programs now include grants to help buyers cover down payment and closing costs.

Homebuyers who qualify for TSAHC's Professional Educators, Homes for Texas Heroes or Home Sweet Texas Home (click here for a list of who qualifies under each program) can receive a grant of 5 percent of the loan amount. The grant can be applied toward down payment and closing costs.

In addition to qualifying for one of these programs, the person must be a first-time homebuyer, or not had an ownership interest in any residence during the last three years; meet the income and home purchase price limits; complete a HUD-approved homebuyer education course before closing on the loan; and reside in Texas.

Eligible homebuyers can apply directly through an approved participating mortgage lender in their area. For a list of participating lenders, visit TSAHC's website or call TSAHC at 888-638-3555

City is one of five in Central Texas to participate in two-year planning project.

Cities either grow or die, and sometimes they have a hard time either way. For a growing exurb like Dripping Springs, the trick is planning for smart and inevitable growth.

Dripping Springs is one of five Central Texas cities that last year were selected for a federal grant administered by the Capital Area Council of Governments to study the unique and common challenges of growth.

About $2.5 million will go for a "scenario planning analytics tool." The second-largest expense will be about $500,000 to craft development scenarios, host public events and the like. The project will take about two years.

Chad Coburn, director of the council's Sustainable Places Project, said the city will look at how it might get various city codes to work together in a more "synergistic fashion."

"And we thought Dripping Springs might be a good place for a closer look at environmental issues, how development in the Hill Country could be best done in a green manner," Coburn said.

Other cities selected for the project include Lockhart, Elgin, Hutto and Austin.

"The challenge we face is how to manage the growth smartly, and in a way that keeps the growth compact to the core of the city, while expanding out from the center," Dripping Springs Planning Director Jon Thompson said in a statement.

"While working with the citizens of the community, the landowners and other stakeholders in the demonstration area, the city's goal will be to look for collaborative ways of integrating citizen input within the scope and bounds of the city's comprehensive plan, and in a way that meets the needs and challenges of a city on the grow," the statement said.

AUSTIN (Texas Real Estate Commission) – As of Jan. 1, applicants for a broker license must have four years of active experience as a licensed salesperson, up from the previous two-year requirement.

Under this new rule, which was adopted last fall by the Texas Real Estate Commission (TREC), an applicant must document experience in each of four years out of the five-year period immediately before the application is filed, or be able to satisfy these requirements by the end of one year after the application is filed.

While an applicant has up to a year after filing an application to meet all education and experience requirements, an applicant cannot take the broker examination until all education and experience requirements have been met.

“As a result of these rule changes, consumers in the state of Texas can be more confident when working with real estate brokers in the future," said TREC Administrator Douglas Oldmixon. "These new requirements will ensure that real estate brokers will have the broad based knowledge that comes from transactional experience.”